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to the financial disaster. and the story behind toyota getting slapped with a huge $16 million fine. but first the morning top headlines. >> the futures are indicating that we'll have a slightly weaker open. we had a rally yesterday. we had a move higher crosses 4% but right now it suggest as slightly lower open. australia central bank jumping by 25%, a 14-month high. also signalinging future moves in the future. an explosion ripping through a west virginia mine owned by mass see energy. four miners are still missing underground. they have a history of safety violations. three fatalities since 1998 and a worst than average injury rate during the last ten years. they are the largest coal producer in central ap lach cha. luds gud mob are you aglet's ge more reaction. david, good to talk to you. have you been given -- has the analyst community been informed by anything in the last 12 hours or so as a result of the mining accident? what can you tell snus? >> the company put out a press release to confirm the explosion and the deaths and that's pretty much it. i think right now we expect them to te
a key driver here. toyota was offering big incentives. a toyota auto executive said his company sales rose by 40% in march. hyundai says it u.s. sales rose as much as 18% last month compared to the previous year. auto nation's ceo will join us in the next hour and we'll learn more about what he's learning in terms of car sales. >>> meanwhile, tim geithner says the u.s. economy is still in a tough spot, but slowly on the mend. he saw down with nbc's matt lauer. >> you'll start to see businesses across the country start to add to payroll again. that's going to come -- the economy is growing now. that's the first step. but with growth, more jobs will come. but the unemployment rate is still terribly high, and it's going to stay unacceptably high for a long period of time. it's going to take a long time to bring it down just because of the damage of the recession. >> in a meeting yesterday in pen ben, geithner read with steelmakers. next week, he leaves for a trip to india. >>> we want to get a check on the markets as we begin the second quarter. wow, futures are looking pretty good here
, breaking news on the consumer from steve liesman and smoking gun at toyota. e-mails sent in january warning the company it should come clean about its recall problem. all that still ahead as "squawk box" continues. >> announcer: as we head to the break, here's a look at the widely held stocks. "squawk box" on cnbc returns after this. we are first in business worldwide. >>> here's a disturbing story. a senior toyota executive tried to warn the automaker that it needed to "come clean" on a safety defect affecting accelerator pedals according to an e-mail sent back in january. phil lebeau joins us now with more. phil? >> it was sent from erv miller who retired from toyota shortly after the recall of defective pedals was sent out. it's one of 70,000 documents being looked at in washington and the damaging part of this e-mail from erv miller says that we have a tendency for mechanical failure in accelerator pedals of a certain manufacturer on certain models. we are not protecting our customers by keeping this quiet. the time to hide on this is over. we need to come clean. i believe that jim lent
this morning, consumer reports are out with a shocking new warning on toyota lexus. you'll want to hear this. so still around. kevin ferry has the story from the futures pits. stay right here. >>> welcome back, wieveryone. it's being reported that toyota's lexus gx 460 suv is a safety risk. consumer reports says they're urging consumers not to buy this suv until rollover risks have been resolved. you to toy is responding that it's concerned with the reports and that its engineers condition duct similar tests. it promises to try and duply indicate the tests to see if steps should be taken. >> you didn't say anything about accelerators sticking, did you? >> no. this is a completely different problem. >> do they typically buy a car? >> no. it's a rare thing. there have been other suvs that have had problems. >> rollover risks? >> yes. >> that's what people worry about. >> they're so top heavy. anyway, we'll have more from phil coming up at the top of the hour. right now, let's talk about the trading day ahead. kevin ferry is standing by at the cme group. kevin, we've pushed above 11,000, just b
. >> have you sold a toyota recently and if so, did it just peel out of the lot and then roll over on itself immediately or what happened? >> that's a very irreverent remark, joe. >> irresponsible. go ahead. >> both of those. in march our toyota business on unit volume was up an astounding 38%. so what i always said through the whole crisis was that what we saw on the showroom floor was the fundamental confidence and trust in toyota remained. they needed at the end of the day to come with an incentive program to deal with the situation. i asked for that. i supported that. it was the right thing to do. it continues into april. toyota will come through this and it will cost them economically but as far as their position in the market, they're going to be able to maintain it. we also saw a revival of the domestic business in the first quarter led by ford motor company. so this is broad based automotive recovery under way and you can now say unequivocally with these results in the first quarter. >> looking there at the chart. hard to believe. $3 handle in october of '08 on autonation. we've come
day. make sure you get your taxes filed or get an extension or something. toyota is going to conduct a safety test on all of its suvs. this comes an consumer reports a handling problem in a new version of a lexus puts drivers at risk for a rollover, which is the worst for suvs. it has nothing to do with accelerators. >> this is a concern about suvs in general, that they're top heavy, that something could happen. but out of 95 suvs that consumer reports tested, that came in 95. >> if you were a conspiracy theorist, who would think? >> i've heard that. >> the u.s. government owns gm now and suddenly toyota is the biggest piece of crap that has ever been on the road suddenly. >> you can say that, but you can say it came as toyota became the largest carmaker and car seller in the nation. >> i know you can, like, make skooug excuses and everything else. but the reality is that we have a big, vested interest in gm succeeding now and we're finding all kinds of stuff -- >> well, consumer reports doesn't own anything in gm. >> no. >> they're not -- >> i'll find a link somewhere, raj rajaratna
or not toyota's problems with the prius, which is the hybrid, mean good things for the technology that gosn has been championing which is electric. because they are a competition in some ways. >> right. different set of struggles. you have to make sure there's an infrastructure within a country. >>> financial crisis inquiry hearing brings in a host of big-name witnesses. our mary thompson joins us with more. mary. >> well, it's a three-part hearing today with the star witness being, of course, former federal reserve chairman alan greenspan. he kicks things off today at 9:00 eastern this morning. his focus, subprime lending and how it contributed to the financial crisis. greenspan cited for playing a key role in the housing crisis as the federal reserve kept short-term rates low for much of his tenure at the central bank. we don't know what greenspan will say, but if a march paper he wrote for the brookings institute is a guideline, he'll repeat that monetary policy is not to blame for the crises. greenspan instead citing a convergence of events that included the rapid growth of and high savings
. they actually give 18% of the money to the cubs, but the cubs wanted to put up this toyota sign, this big toyota sign and the rooftop owners wouldn't have anything to do with it. of course i have to have some props this morning. that includes the little nachos in a big helmet. the cubs doing their part to promote obesity in this country. right here you have the full nachos in here in the real helmet and the bison -- don't know if they're going to take it but the bison hot dog for $5.50 by tom rickets' ranch, the new owner of the cubs in wyoming. let me take a quick bite because it's required. okay. very lean like bison. it has more omega 3s than salmon and the leanest of the meats. >> does it taste like a hot dog? >> reporter: yeah, it does. they've done a really nice job. and it does taste very lean and good. throughout the day we'll be here and have the new owner of the cubs tom rickets. do i have mustard on me? tom rickets on squawk on the street. he'll talk about the whole business and how the $845 million business -- that bet will pay off. >> did i hear you correctly? you said they've redon
in 2006, it was asian autos that won 46 to 29. 15% of those polled says toyota makes the best cars, down from 25% a year ago. >> did they mention versus european cars? they didn't mention versus european cars. it was asian cars. toyota, kia and things like that, yeah, but not including probably beamers or mercedes. i guess people still think -- >> porsche. doesn't porsche come in on top of satisfaction? >> just tell me to shut up. >> he deserves it. he wasn't here. he doesn't even know what you're talking about. because i said porsche is an italian company. >> now i can't hear this. we're just talking about my windmill, too. >> yeah, your windmill car and that football oblong -- >> anyway, the recession changed the playing field for fixed nl income investors. joining us flower is marilyn kohn. marilyn, thanks for joining us this morning. >> thank you. >> it is a new landscape and bonds are garnering a lot of attention right now. how did things change when things fell apart? >> things have changed dramatically. the fixed income market has been unbelievably embraced by baby boomers that sa
of improvement in the broader economy. and meantime, toyota is temporarily suspending the sale of its lexus gx460 suv. toyota says it will try to identify the correct -- and correct that rollover issue identified by "consumer reports" which we told you about yesterday. the magazine advised buyers to avoid buying that vehicle until the problem is addressed. >>> mortgage applications fell by 9.6% last week. that's the second straight weekly drop. demand for both new loans and for refinancings fell. >>> joe, we'll send it back over to you. >> all right, becky. don't -- i see what you're trying to do. we're going to let you go. we don't want you to go. >> thank you. >> what do you need to do? >> i got to run. >> i really wanted to talk about this thing. >> i know you did. that's why i -- that's not why i have to run. >> the basic thing, andrew, is that you pointed out that stigletz and krugman didn't want to do any of this t.a.r.p. and now that it's worked out and we might actually make money on it, they can't possibly concede that they were dead wrong. >> i think that's fair. paul and i are in a bit
ask is right where the stock closed on friday. >>> and toyota will agree to pay a record $16.4 million fine. the agreement is expected to be signed later today in washington. paying the fine will not shield toyota from a possible legal liability down the road. >>> and thousands of travelers remain stranded this morning, as much of european air space remains closed for a fifth straight day. officials are still concerned about the impact of the ash that spewed from a volcano in iceland. by the way, that shutdown is costing the industries millions of dollars approaching a $1 billion at this point and industry observers say some european airlines may go out of business as a result. >> wow. there's a lot of -- did you see that? >> ash? >> incredible. >> cnbc senior economics reporter steven liesman joins us with breaking news on the goldman sachs case. >>> cnbc has learned that a former top lieutenant to john paulson told government investigators that the multibillion-dollar hedge fund struck only one deal of the type that's the focus of the securities and exchange commission's case of alle
of the day. will there be a tie? will one rise to the top? find out next. ( music playing ) if toyota gets credit for being the most fuel efficient car company in america, well, then how do you explain all this? chevy malibu, cobalt, silverado, and the all-new equinox. compare them to anyone. may the best car win. >>> all right, here is the stock of the day. it had to be google. it's the one -- you know, if it were ge and bank of america had very interesting comments. the reports were interesting. the stock movement not as interesting as a 5% move in google, which has had a good move as well. whether you talk about disappointment eric schmidt's not on the conference call. thank you. thank you for coming. >> my pleasure. thanks for having me. >> barry sternlicht. >> being smart and participating in our interview. >> you are welcome here any time. >> thank you. >> perfect having you here on earnings day. that's it for us today. make sure you join us on monday. "squawk on the street" starts right now. >>> all right, we've got breaking news live from the financial capital of the world. investo
around were simply because of the massive incees from toyota and honda and others trying to come on board? what if part of the big numbers we've seen have been home sales have been doing better but that's also about we're about to lose the tax credit on this and the fed's getting out of buying mortgages. >> as the economics reporter, i will answer for the group. they don't care how they sell cars as long as they sell them. >> yes, but you -- >> it's moving units. >> but if you pull sales ahead -- what was the number you quoted yesterday? >> nentd to buy a car in six months ask back to the november lows which is the lowest since they started keeping records in '67. mike jackson couldn't care less about that metric. he said it was more about housing stabilization and employment stabilization. >> ultimately the business ike elle is overwhelming a lot of our concerns. pent-up demand is part of what's driving sales because nobody bought stuff for two years. it's all wornout and the prices are low and if you're -- think about the 90% who aren't unemployed. as they see these numbers firming, rig
Search Results 0 to 12 of about 13